October 26, 2023: India’s first listed REIT and largest office REIT in Asia by area, Embassy Office Parks REIT posted results for the second quarter that ended September 30, 2023.
As per the regulatory filing, Embassy Office Parks REIT leased around 2 msf across 25 deals including 1.2 msf of new lease. Bengaluru and Mumbai led the demand, contributing 90% of the total leasing in the quarter. The company mentioned that there is 90%+ occupancy levels across 50% of its properties with Embassy 247 in Mumbai 100% occupied.
Additionally, the regulatory filing mentioned that the hospitality business continued to perform strongly with 52% occupancy, 24% YoY ADR growth and an EBITDA of Rs 37 crore.
The Board of Directors of Embassy Office Parks Management Services Private (EOPMSPL), manager to Embassy REIT, at its board meeting declared a distribution of Rs 524 crore or Rs 5.53 per unit for Q2 FY2024. The record date for the Q2 FY2024 distribution is November 3, 2023 and the distribution will be paid on or before November 10, 2023.
Aravind Maiya, chief executive officer, Embassy REIT, said, “We’re delighted to report a record quarter of leasing of 2 msf. For the first half of FY2024, we have successfully leased 3.1 msf, and the outlook for the full year looks promising, bolstered by a record leasing pipeline of 2.5 msf. We’re also very pleased to further strengthen our long-standing partnership with one of our largest clients at Embassy GolfLinks. This coupled with the strong leasing momentum in the business, has resulted in a revised leasing guidance of 6.5 msf for FY2024 from the earlier announced 6 msf.”
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